The board of Harworth Group plc has unanimously rejected an all-cash takeover proposal from Peel Pepper (UK) Limited valuing each share at £1.725, describing the offer as fundamentally undervaluing the company and its prospects.
Peel’s offer, announced on Wednesday, was not recommended by Harworth’s directors, who stated the bid fails to reflect the group’s strategic position, asset base and growth trajectory. Harworth confirmed the rejection in a market statement published at 13:20 BST on August 26, 2026.
Harworth has engaged Barclays as joint financial adviser and corporate broker, with Peel Hunt serving in the same roles for the bidder. Legal advice for the target is being provided by Allen Overy Shearman Sterling LLP. The Takeover Panel has been notified of the rejection.
The company intends to publish a detailed shareholder circular by September 9, 2026, outlining the board’s rationale for opposing the offer. The circular may be delayed only with consent from the Takeover Panel. A copy of the announcement will be made available on Harworth’s website by noon on the following business day.
Harworth advised shareholders to take no action on the offer, to refrain from signing or returning any acceptance forms, and to avoid submitting electronic acceptances in respect of their shares.
